进出口贸易业新订单的现时动向指数从2025年12月的47.7下跌至2026年1月的46.0，而未来一个月(即 2026年2月)的新订单展望动向指数为47.1。 港府统计处今日(2月10日)发表2026年1月份中小型企业(中小企)业务状况按月统计调查的结果。中小企 业务收益的现时动向指数从2025年12月在收缩区域的44.9下跌至2026年1月的43.4，而未来一个月(即 2026年2月)的业务收益展望动向指为46.4。按行业分析，不少统计调查涵盖的行业的业务收益现时动向 指数在2026年1月较上月下跌，特别是零售业(从42.1下跌至38.4)及批发业(从44.3下跌至40.7)。 港府发言人表示，1月中小企业务收益的现时和展望动向指数在过去数月大致录得改善后稍为回落。同 月中小企就业人数的现时动向指数亦较之前一个月轻微回落。 展望未来，香港经济持续扩张应为本地营商气氛带来支持。然而，国际环境依然复杂，港府会继续密切 监察事态的演变。 ...

Group 1: Core Insights - Agricultural Bank of China (ABC) is actively supporting the economic development of Beihai through targeted credit investments, with a total loan issuance of 8.724 billion yuan and a balance of 28.09 billion yuan as of October 2025, leading the industry in loan stock [1] - ABC has implemented a "one industry, one plan" financial service model to address the challenges faced by local industries, resulting in support for over 5,300 small and micro enterprises with a total loan issuance of 3.261 billion yuan [2] - The bank is facilitating cross-border trade by providing integrated services that include credit, settlement, and risk hedging, having issued 1.515 billion yuan in credit support for import and export enterprises since 2025 [3] Group 2: Personal Credit Services - ABC is enhancing its personal credit services to support rural development and individual aspirations, with a total loan balance of 13.811 billion yuan in county areas as of October 2025, including significant increases in loans for grain security and rural industries [4] - The bank has issued 474 million yuan in personal housing loans, 1.119 billion yuan in personal operating loans, and 442 million yuan in personal consumption loans since 2025, aiming to provide efficient financial services for various personal needs [4]

Monetary Policy - The central bank has lowered the interest rates of various structural monetary policy tools by 25 basis points to 1.25%, below the short-term policy rate of 1.4%[1] - The central bank indicated that there is still room for further rate cuts in 2026, but these are likely to be used as a reserve tool rather than a routine operation[1][11] - Current monetary policy focuses on structural rate cuts rather than comprehensive rate cuts, reflecting internal constraints such as low net interest margins for commercial banks[1][11] Economic Indicators - Fixed asset investment has decreased by 2.6% year-on-year[3] - Retail sales have increased by 1.3% year-on-year[3] - Exports have risen by 6.6% year-on-year[3] Fiscal Policy - Fiscal spending is expected to increase in Q1 2026, supported by a significant carryover of surplus funds from 2025[2][12] - The combination of structural monetary easing and fiscal policy aims to effectively expand domestic demand and solidify economic recovery[12] Market Trends - Production remains strong, with high demand in sectors like machinery and textiles, while real estate transactions continue to decline[13][14] - Port cargo throughput has increased by 4.82% year-on-year, indicating robust foreign trade momentum[22] Risks - There are uncertainties in overseas markets that could impact economic stability[2][51]

Core Insights - The business sentiment among small and medium-sized enterprises (SMEs) in Hong Kong is showing signs of recovery, with the current business performance index rising from 44.5 in November to 44.9 in December 2025 [1] - The business outlook index for January 2026 is projected at 47.3, indicating a positive trend for the upcoming month [1] Industry Analysis - The real estate sector's current business performance index increased from 47.1 to 49.3, suggesting improved conditions in this industry [1] - The import and export trade sector also saw an increase in its current business performance index from 44.7 to 46.4, reflecting a more favorable business environment [1] - New orders in the import and export trade sector rose from 46.0 in November to 47.7 in December, with a forecasted outlook index of 48.4 for January 2026 [1] Employment and Economic Outlook - Overall employment conditions are showing further improvement, which is expected to support the local business sentiment [1] - The government spokesperson indicated that the positive trends in business performance and employment are likely to contribute to a favorable economic outlook for Hong Kong [1]

Core Viewpoint - The business sentiment of small and medium-sized enterprises (SMEs) in Hong Kong shows signs of recovery, with an increase in the current business revenue index and a positive outlook for the upcoming month [1] Group 1: Current Business Conditions - The current business revenue index for SMEs rose from 44.5 in November 2025 to 44.9 in December 2025, indicating a slight improvement [1] - The real estate sector's current business revenue index increased from 47.1 to 49.3, while the import and export trade sector's index rose from 44.7 to 46.4 [1] Group 2: Future Business Outlook - The business revenue outlook index for January 2026 stands at 47.3, suggesting a continued positive sentiment among SMEs [1] - The current new orders index for the import and export trade sector increased from 46.0 in November 2025 to 47.7 in December 2025, with a future new orders outlook index of 48.4 for January 2026 [1] Group 3: Employment and Economic Environment - Overall employment conditions are showing further improvement, contributing to a more favorable business atmosphere [1] - The government emphasizes the importance of monitoring external uncertainties that may impact the local business environment, while the Hong Kong economy is expected to maintain a positive momentum [1]

Core Insights - China's open-door policy continues to attract foreign tourists, with the trend of "coming to China with empty boxes" gaining popularity among international visitors [2] - The Hainan Free Trade Port has seen significant growth, with 1,972 new foreign-funded enterprises registered in the first week of its full closure, a 2.3 times increase year-on-year [2] - The introduction of innovative measures by the National Immigration Administration has greatly improved cross-border travel efficiency, including the electronic entry card and extended transit visa policies [3] Group 1 - The Hainan Free Trade Port's first week saw over 4 billion yuan in zero-tariff imports and over 20 million yuan in duty-free goods for domestic processing [2] - The new immigration policies have led to over 60% of inbound travelers opting for interprovincial tours, highlighting the growing popularity of "China tours" [3] - Various cities are implementing measures to enhance the experience for foreign visitors, such as smart translation devices and integrated travel services [4] Group 2 - Major trade events like the Canton Fair and the China International Import Expo are set to showcase China's commitment to open markets, with the latter achieving a record intended transaction amount of 83.49 billion USD, a 4.4% increase from the previous year [4] - The positive experiences shared by foreign visitors reflect China's welcoming nature and the effectiveness of its open policies [5] - China's commitment to openness is emphasized as a sincere promise to embrace the world with increasing inclusivity [5]

新华财经香港12月9日电 香港特区政府统计处9日发表的11月中小型企业业务状况按月统计调查结果显 示，11月中小企的营商气氛大致平稳。 数据显示，中小企业务收益的现时动向指数从10月在收缩区域的44.8下跌至11月的44.5，而12月的业务 收益展望动向指数为47.5。 香港特区政府发言人表示，虽然业务收益的现时动向指数从上月高位轻微下跌，但展望未来一个月情况 的指数保持在高位。与此同时，整体就业情况较上月轻微改善。展望未来，香港经济进一步稳健增长会 支持本地营商气氛。 （文章来源：新华财经） 按行业分析，一些统计调查涵盖行业业务收益现时动向指数较10月下跌，其中物流业从43.3下跌至 42.2，进出口贸易业从45.7下跌至44.7。 此外，进出口贸易业新订单的现时动向指数从10月的47.1下跌至12月的46.0，而12月的新订单展望动向 指数为47.4。 ...

Core Insights - The business revenue index for various major service industries in Hong Kong showed significant increases in Q3 2025 compared to Q3 2024, particularly in the insurance sector (+40.7%), financial services (excluding banks) (+31.4%), import-export trade (+24.5%), and banking (+12.9%) [1][2] - The computer and information technology services sector experienced a remarkable increase of 99.1% year-on-year, while the tourism, conference, and exhibition services sector saw a 4.6% increase [1] - In Q3 2025 compared to Q2 2025, the business revenue index for several major service industries also recorded increases, with the insurance sector showing a 23.9% rise [1] Industry Analysis - The business revenue index for the computer and information technology services sector increased by 20.0% when comparing Q3 2025 to Q2 2025, while the tourism, conference, and exhibition services sector saw a 6.8% increase [1] - The transportation industry, however, experienced a decline in its business revenue index, dropping by 5.8% year-on-year [1] - The outlook for Hong Kong's overall service industry remains positive, with expectations of continued expansion supported by moderate global economic growth and easing US-China trade tensions [2]

按行业分析，一些统计调查涵盖的行业的业务收益现时动向指数在2025年十一月较上月下跌，特别是物 流业(从43.3下跌至42.2)及进出口贸易业(从45.7下跌至44.7)。 进出口贸易业新订单的现时动向指数从2025年十月的47.1下跌至2025年十一月的46.0，而未来一个月(即 2025年十二月)的新订单展望动向指数为47.4。 政府发言人表示，继在过去数月录得明显改善后，十一月中小企的营商气氛大致平稳。虽然业务收益的 现时动向指数从上月高位轻微下跌，但展望未来一个月情况的指数保持在高位。与此同时，整体就业情 况较上月轻微改善。 展望未来，香港经济进一步稳健增长会支持本地营商气氛。但外围环境的不确定因素仍在，政府会密切 监察相关情况。 智通财经APP获悉，12月9日，香港特区政府统计处发表2025年十一月份中小型企业(中小企)业务状况环 比统计调查的结果。中小企业务收益的现时动向指数从2025年十月在收缩区域的44.8下跌至2025年十一 月的44.5，而未来一个月(即2025年十二月)的业务收益展望动向指数为47.5。 ...

Core Insights - The total revenue for Hong Kong's import and export trade, wholesale and retail, and accommodation and food services industries is projected to be HKD 547.35 billion in 2024, representing a 4.5% increase from 2023 [1] - The average total revenue per company in these sectors is expected to rise by 10.6% to HKD 38.7 million in 2024 [1] Group 1: Overall Industry Performance - The total operating expenses for these industries in 2024 are estimated at HKD 499.77 billion, also a 4.5% increase from 2023 [1] - The average operating expenses per company are projected to increase by 10.6% to HKD 35.3 million [1] - The total surplus (total revenue minus total operating expenses) for these industries is expected to be HKD 47.57 billion, a 3.9% increase from 2023 [1] - The average surplus per company is projected to rise by 10.0% to HKD 3.4 million [1] - The surplus accounts for 8.7% of the total revenue in 2024, similar to the proportion in 2023 [1] Group 2: Sector Breakdown - The industry value added for these sectors is projected to be HKD 649.1 billion in 2024, a 3.4% increase from 2023 [2] - The average industry value added per company is expected to rise by 9.5% to HKD 4.6 million [2] - Approximately 141,400 companies are engaged in these sectors, employing around 896,900 people, with an average of 6.3 employees per company [2] Import and Export Trade - The total revenue for the import and export trade sector is projected to be HKD 452.33 billion in 2024, with operating expenses of HKD 409.25 billion [2] - The surplus is expected to increase from HKD 41.32 billion in 2023 to HKD 43.08 billion in 2024, accounting for 9.5% of total revenue [2] - The industry value added is projected to rise by 5.6% to HKD 49.33 billion [2] Wholesale Sector - The total revenue for the wholesale sector is expected to be HKD 27.52 billion, with operating expenses of HKD 26.99 billion [2] - The surplus is projected to decrease from HKD 5.6 billion in 2023 to HKD 5.3 billion in 2024, accounting for 1.9% of total revenue [2] - The industry value added is expected to decline by 2.6% to HKD 1.91 billion [2] Retail Sector - The total revenue for the retail sector is projected to be HKD 48.92 billion, with operating expenses of HKD 45.89 billion [3] - The surplus is expected to increase from HKD 29.9 billion in 2023 to HKD 30.3 billion in 2024, accounting for 6.2% of total revenue [3] - The industry value added is projected to decrease by 7.7% to HKD 68.9 billion [3] Accommodation Services - The total revenue for the accommodation services sector is expected to be HKD 46.1 billion, with operating expenses of HKD 39.2 billion [3] - The surplus is projected to increase from HKD 6.1 billion in 2023 to HKD 6.9 billion in 2024, accounting for 15.0% of total revenue [3] - The industry value added is expected to rise by 6.5% to HKD 21.8 billion [3] Food Services - The total revenue for the food services sector is projected to be HKD 139.8 billion, with operating expenses of HKD 137.4 billion [3] - The surplus is expected to decrease from HKD 2.9 billion in 2023 to HKD 2.4 billion in 2024, accounting for 1.7% of total revenue [3] - The industry value added is expected to slightly increase by 0.7% to HKD 46 billion [3]